• Completed acquisition of QMS Media and sale of Nine Radio
• Q3 strong revenue quarter, but Q4 impacted by market uncertainty
• Expect Total TV costs in FY26 to be down in the mid-high single digits (%)

Nine Entertainment Co. (ASX:NEC) has provided a trading update and presentation for the Macquarie Australia Conference. The company has completed a strategic repositioning of its asset portfolio, including the acquisition of QMS Media and the sale of Nine Radio. The restructure of NBN and Nine Darwin is expected to complete by the end of June, subject to regulatory and shareholder approvals. Operationally, Q3 was a strong revenue quarter for the Group, underpinned by successful content performance and growth in core digital and subscription assets. However, Q4 is being impacted by a confluence of uncertainty in both international and local markets, proving challenging for advertising markets. In Total Television, audiences for the year to date have been solid, with overall audiences since the start of CY26 up 8% in Total People and 10% in 25-54s. This has driven low single-digit (%) growth in Q3 FY26 Total TV revenues, though Q4 FY26 has started on a softer note. Cost initiatives will continue through 2026 and beyond, with underlying inflation and targeted investment in technology and content offset by ongoing cost efficiencies across Total Television. Nine now expects Total Television costs in FY26 to be down in the mid-high single digits (%) on FY25. The company's digital and subscription businesses, including Stan and Nine Publishing, are continuing to perform well, with further strong EBITDA growth and double-digit digital subscription revenue gains projected. Nine is successfully executing a strategic pivot toward a high-growth, digital-first portfolio, balancing disciplined capital management with a clear strategy to drive long-term shareholder value.

Nine now expects Total Television costs in FY26 to be down in the mid-high single digits (%) on FY25.